Home prices down, but not out!
Calgary’s home prices continue to slide in most areas of the market but not at the rate that was expected. The detached and semi-detached sectors of the market has been gradually moving towards more balanced conditions helping to prevent price levels from declining. While this is welcomed news for sellers, it is very likely that pricing challenges will persist in the housing market until economic conditions are to improve.
The detached benchmark price for June is $502,400 a decrease of 3.42 % year-over-year. The apartment benchmark price is $278,200 a decrease of 5.89% and the attached benchmark price is $331,100 a decrease of 4.91%. Overall sales for the month totaled 2,028 units, compared with 2,182 during the same period last year.
The City of Calgary home market has 3.83 months of inventory and the sales to new listings are at 49.79%, meaning 50.21% of homes are not selling. The sale price to list price ratio is 96.92% and 45 days on market.
Airdrie’s inventory decreased to 454 from 485 units, sales increased by 4 to 149 for June. The benchmark price for June $358,900 a decrease of $200 from last year. Overall sales for the month totaled 149 units, compared with 166 during the same period last year.
The City of Airdrie home market has 3.05 months of inventory and the sales to new listings are at 68.04%, meaning 31.96% of homes are not selling. The sale price to list price ratio is 97.9% and 47 days on market.
Make sure to ask us about the results we achieve for our clients!
For the complete Calgary July 2016 CREB® report, Click Here
For the complete Regional July 2016 CREB® report, Click Here
Call Jeff Campbell 403-275-3331